Select Language

US President Trump: Will substantially raise tariff on India

Breaking news

US President Trump: Will substantially raise tariff on India

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2025.08.05 00:13
US President Trump: Will substantially raise tariff on India

update 2025.08.05 00:13

United States (US) President Donald Trump said that he will raise the tariff rate on Indian imports "substantially."

"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump explained in a post published on Truth Social on Monday. "They don't care how many people in Ukraine are being killed by the Russian War Machine."

Tariffs FAQs

Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.

Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.

There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.

During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.


Date

Created

 : 2025.08.05

Update

Last updated

 : 2025.08.05

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

Canadian Dollar treads water as bullish Greenback pressure eases

The Canadian Dollar (CAD) found some much-needed footing on Monday, trading in a steady range near 1.3775 against the US Dollar (USD).
New
update2025.08.05 01:58

GBP/USD rebounds as Fed fate cut bets rise on weak US jobs data

The GBP/USD rallies for the second straight day, up by 0.12% following a dismal jobs report in the United States (US). The data prompted investors to price in a rate cut by the Federal Reserve at the upcoming September meeting. The pair trades at 1.3289, after bouncing off daily lows of 1.3253.
New
update2025.08.05 01:33

Australian Dollar falters below 0.6500 as RBA rate cut bets weigh on sentiment

The Australian Dollar (AUD) loses traction against the US Dollar (USD) on Monday, as the Greenback stabilizes in the aftermath of Friday's disappointing Nonfarm Payrolls (NFP) report. July's jobs report delivered a clear downside surprise.
New
update2025.08.05 01:28

US President Trump: Will substantially raise tariff on India

United States (US) President Donald Trump said that he will raise the tariff rate on Indian imports "substantially."
New
update2025.08.05 00:12

EUR/USD pauses below 1.1600 as soft US labor data lifts interest rate cut hopes, Eurozone outlook weakens

The Euro (EUR) holds firm against the US Dollar (USD) on Monday, consolidating Friday's sharp gains after a weaker-than-expected US Nonfarm Payrolls (NFP) report fueled expectations that the Federal Reserve (Fed) will cut interest rates as soon as September.
New
update2025.08.05 00:00

USD net shorts rise amid payroll miss - Rabobank

USD net short positions have increased for the first time in four weeks, driven by a decrease in long positions. EUR net long positions have decreased for the second week in a row, driven by an increase in short positions.
New
update2025.08.04 23:32

BoE: Quarterly bound - Standard Chartered

BoE to cut the base rate by 25bps on 7 August, but another split MPC is likely. Divergent signals from the labour market and prices likely to keep the BoE on a quarterly easing schedule.
New
update2025.08.04 23:07

Eurozone services disinflation continues - ABN AMRO

Headline HICP inflation surprised modestly to the upside in July, holding steady at the ECB's 2% target, against our and consensus expectations for a move lower to 1.9%, ABN AMRO's economist Bill Diviney reports.
New
update2025.08.04 22:44

EUR/GBP dips as traders reposition ahead of BoE interest rate decision

The Euro (EUR) edges lower against the British Pound (GBP) on Monday, with the Pound trading on a firmer footing across the board, as traders reposition ahead of the Bank of England's (BoE) monetary policy decision due Thursday, August 7.
New
update2025.08.04 22:31

Gold steadies as US Dollar stabilizes, dovish Fed bets rise after soft NFP report

Gold (XAU/USD) kicks off the week on a cautious note, trading flat on Monday, as the US Dollar (USD) stabilizes in the aftermath of Friday's disappointing Nonfarm Payrolls (NFP) report.
New
update2025.08.04 21:20

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel